Bank Bulk REO
Here is how the larger banks release Bulk:
Each Institution releases product at different times of the month to the clearing companies we are associated with as well as several others. The clearing companies then send the tapes (list of properties) to their approved bidders / buyers. Each institution sets the review period – From 48 hours to up to 10 days (48- 72 hours is standard) – which is the length of time each bidder / buyer has the ability to bid or not bid on each tape.
This is not for the faint of heart – only seasoned professional investors can handle the pace! If a bid is placed the bidder / buyer actually bids on each individual property on each tape, however if you bid on one property on a particular tape, you must bid on all of them – there is no “cherry picking” – bidding on only a few properties on a particular tape.
If you win an intuitional bid you have to wire money directly to the intuition within 30 minutes and you have to wait up to 120 days to receive the deeds!
Please understand that we are dealing with larger Institutions that are not local banks – they are large Regional or National Lenders that “discard” properties in a National or multiple state way after 120+ days that the Institution has attempted to sell the property through a local REO Real Estate agent. These properties are NOT concentrated in certain cities or counties. Essentially, these properties are the cheap “scratch and dent” 20-30 “cents on the dollar” properties that the bank has been unable to sell through any other method.
If you want to make money by investing in Bulk Residential REO properties, click the link below!
Click here for available SFR Bulk REO Assets
